Japan escalated its campaign to convince investors that the nation’s post-earthquake challenges mean they shouldn’t pile into the yen as a haven from the turmoil over U.S. and European debt.
Reserve Bank of Australia Governor Glenn Stevens said that while the central bank has been unconvinced about the effectiveness of trying to drive down the Aussie, he remains “open-minded” on currency intervention.
The pound may fall against Norway’s krone after the Bank of England yesterday signaled that it’s moving closer to asset purchases while Norges Bank said rates should be raised gradually, UBS AG said.
UBS AG ended a trade recommendation to sell the pound against the dollar after the U.K. currency rose, surpassing the bank’s upper limit to protect against greater losses.
Not since 1999 have currency traders been bullish on the dollar for so long, a sign that the market sees the U.S. resuming its role as the engine of global economic growth.
Australia’s currency fell for a fifth day against the U.S. dollar in the longest losing streak in almost a year after data showed an unexpected decline in retail sales in June.
"Our 115 yen-per-dollar three-month target is certainly in sight."
- Gareth Berry on Oct 31, 2014
UBS’s Berry Sees `Fractured’ Bet on Japan Inflation